Dear Friend and Reader,
After sundown last night, the Senate voted on a new version of the $700 billion bailout bill, and it passed 74-25. Barack Obama and John McCain were present, both voting affirmatively. In fact, the only person who wasn’t present was Ted Kennedy, who is recovering from surgery. (For a full run-down,В click here for the list of “yeas” and “nays”).
 |
|
The US Capital building, where the Senate meets in Washington, DC.
|
The next move is the vote in the House of Representatives, which is scheduled for tomorrow. The general feeling is that the bill will pass the second time around, particularly after some changes were made, such as $100,000 in tax breaks for the middle class and businesses; plus,В the bailout seems less slapped-together, appearing to have a bit more concern for the taxpayer than it did initially.
Word that a major, unnamed-to-the-press, insurance company is about to topple may push the bill on ahead as well.
“The heart of the bill, and the opposition to it,” Breitbart reports, “remained the same. It would enable the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and keep the economy from a deep recession.”
Reports stating that the bill is now 451 pages long, as opposed to the measly three pages it started out with (keep in mind we’re talking about $700 billion here), suggests we should do more research and get back to you on what’s changed. Check back in later today and I’ll have some more information for you.
Yours & truly,
